Despite the popular conviction that blockchain technology is only designed to perform cryptocurrency transactions and earn bitcoins, blockchain continues its entry into many areas of life: social media, gaming, healthcare, real estate, and others. The technology intends to enhance work efficiency, cut costs for businesses and enhance customer experience.
Blockchain can be explained as a digitalized database and it belongs to digital ledger technology (DLT), which implies no central data store or administrative functionality. Why is it an advantage for an enterprise? Decentralization along with transparency, gives every single participant an opportunity to view all recorded data, ensure its security and track important information.
Here are areas blockchain has already entered and has proven that this technology is worth relying on.
Supply chain management, for example, is a major in addition unprotected part of the workflow of many companies. Parties participating in the time of action often don’t interact with each other directly and nevertheless apply paper-based methods of information collection and storage. Blockchain offers complete elimination of paperwork: documents flow becomes automated, digital certification is employed in addition. More importantly, each empowered member of the supply chain can track the product from the manufacturer to the consumer and prevent counterfeit dispensing.
Several American retail giants that encountered foodborne illnesses outbreaks and further food recalls, have implemented blockchain technology in their food supply chains. Before, tracking one product took around 7 days minimum, and these days a food item’s provenance can be identified for a few seconds.
consequently, blockchain solutions made the time of action of ingemination faster, more efficient, and cost-saving. Meanwhile, customers have also experienced blockchain adoption in their hypermarkets. In Walmart’s Chinese stores, for example, they can examine the QR code and get all the information about the product: from the farm location to the inspection certificates.
Healthcare is the field where blockchain-based solutions have established themselves as a highly obtain and transparent way of keeping electronic health records (EHR). Both doctors and patients receive authorization to access the records and use them when necessary. In the same time, blockchain solutions are powered by smart contracts which permit EHR data privacy protection. Healthcare device data and clinical research are encrypted, insurance can be executed and stored, too. Another use case is prescription medicines and equipment supply chain control.
E-commerce increasingly requires blockchain technology. Again, supply chain is a crucial aspect here: monitoring goods and managing supplies are often challenging responsibilities but blockchain helps businesses manage their inventory more efficiently. Consumers who trust their money and data to e-commerce organizations are concerned about data security and transparency but this issue can be addressed with blockchain development. already slight changes in transaction are obvious on a blockchain, and tracking who made a mistake is not a problem anymore. It is also possible to perform crypto payments.
The next area is truly related to cryptocurrency transactions. DeFi, short for decentralized finance, doesn’t only include simple assets move, but also refers to more complicate financial use situations. The implementation of blockchain contributes to intermediary exclusion and, consequently, reduces costs. All transactions are encrypted and immutable, multi-step authentication mechanisms make the system hard to access for unauthorized members. Among recent novelties is the opportunity to turn to P2P lending sets and digital banking.
Social media has possible to be affected by blockchain in addition. Along with its global popularity and the ability to connect people around the world, social media is nevertheless unprotected to account hacking, identity leakage and copyright infringement. To tackle those issues, blockchain offers author rights protection, digital identity verification and objective licensing.
Real estate, eGovernance, gaming industries and many others have joined the wave of blockchain adoption. Once your business chooses innovation, delegate the technology implementation to one of the enterprise blockchain companies which will develop a future-proof enterprise DLT for you. With blockchain, your business will change the rules of the game in your field.